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Business News
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Leadership
CIT appoints former Merrill boss John Thain as new CEO
08.02.2010
US commercial lender CIT Group has appointed former Merrill Lynch CEO John Thain as its new Chairman and Chief Executive.
Thain (54) immediately replaces interim CIT CEO Peter Tobin, who will stay on at the lender as a director.
The CIT board described Thain (pictured) as “a well-respected financial-services executive and proven leader”, who it said was “uniquely qualified to lead CIT at this critical stage”.
“CIT and its customers will benefit enormously from his breadth of experience, industry acumen and deep knowledge of the financial services sector,” the board added.
Thain previously served as Chairman and CEO of Merrill Lynch until its sale to Bank of America.
Prior to that, he was the CEO of the New York Stock Exchange, where he oversaw over the exchange’s restructure into a publicly traded entity.
Thain spent the majority of his career at Goldman Sachs Group, where he rose to President and Chief Operating Officer.
Photo - WEF/swiss-image.ch/ Remy Steinegger
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